Değerleme Tablosu

Borsa Istanbul offers 32% upside in TL terms over 12 months with a BIST-100 target of 17,802. Ex-holdings aggregate earnings are seen falling 29% in 2024, then recovering by 12% in 2025 and 30% in 2026, with valuation compression as P/E moves from 13.4x (2024) to 8.4x (2026) and industrial EV/EBITDA from 13.7x to 10.0x.

Banks are favored with broad Outperform calls and low 2026E multiples; significant upside is also highlighted in aviation (THYAO, TAVHL, PGSUS), telecom (TCELL, TTKOM), retail (BIMAS, MGROS, MAVI), energy transition names (GWIND, IZENR), and real estate/developers (GLRMK, KLKIM, AVPGY, TRGYO, PSGYO). Select constraints are flagged where targets imply limited or negative returns, including TUPRS (-38%), SELEC (-43%) and modest upside in ASELS (13%).